- Total revenue up 10% to £2,488,000 (H1 2015: £2,259,000).
- Gross profit margin increased by 1.2% to 66.8% (H1 2015: 65.6%).
- Profit before tax up 18.3% to £724,000 (H1 2015: £612,000).
- Earnings per share of 4.79p (H1 2015: 4.05p), equivalent to 1.22p (H1 2015: 1.03p) on the basis of the number of shares in issue following Admission.
- Cash generated £668,000 (H1 2015: £44,000 outflow).
- Cash balance at 30 June 2016 of £1,164,000 (H1 2015: £1,008,000)
- Admission of Franchise Brands to AIM on 5 August 2016 at 33p per share, raising a net £2.9m.
- 33 new franchise territories were sold in the period (H1 2015: 33).
- Total number of UK franchisees across all brands increased from 307 at 31 December 2015 to 323 by 30 June 2016.
- Strong pipeline of acquisition prospects.
Current trading and outlook
- ChipsAway and Ovenclean, the Group’s two main brands, continue to trade well.
- No discernible Brexit effect on franchisee recruitment or trading.
- Confident in the full year outcome for the Group.
Stephen Hemsley, Executive Chairman, commented:
“I am pleased to be reporting our maiden interim results following the Group’s successful IPO in which we raised £2.9m net and were well supported by institutional and retail shareholders, the management team, employees and franchisees.
A key objective set out at the time of the IPO was to expand the Group through targeted acquisitions of high quality franchise businesses and we are actively reviewing a number of opportunities, leaving us hopeful that we will be able to announce our first transaction shortly.
The Company’s two main brands, Chips Away and Ovenclean, continue to trade well, giving us confidence in the full year outcome.
With our highly experienced management team and Board, we have a firm foundation for continuing to build on our success to date.”